Motherson Sumi near support and 200dma
On upper side if breaks 108, First Tgt 115, 121 (treandline resistance)
Sl can be maintained below the support line (104.35)
Swing short should be avoided as long as it doesnt break 200 dma as well.
Note: This is for educational purpose only.
There is no confirmation yet but seems there might be a channel breakout (bearish) as there is huge selling volume. However, confirmation is needed as the channel has not broken downwards.
Mother son sumi has fall almost 90% from top.
The company fundamental is still strong and it wll be.
Short term impact has destroyed the price in past 2 year.
Target only for our paid members.
Keep sl below 47
Often Misunderstood concept of Elliot Waves is its usage as a be all and end of technical analysis.
Simply put Elliot is not a predictive tool but is the "THEORY" of way the market moves, hence relying on it solely to predict future movement is problematic and the counts change all the time and in "RETROSPECT"
Am sure those fanboys may not agree with me but all...
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